https://www.abc.net.au/news/2021-12-...hina/100682242
Evergrande likely in default as debt deadline passes without payment
Quote:
Failure by Evergrande to make $US82.5 million ($116 million) in interest payments due last month would trigger cross-default on its roughly $US19 billion of international bonds and put the developer at risk of becoming China's biggest defaulter.
And a second Chinese Developer in trouble - KAISA :
Quote:
Adding to the crisis in China's once-bubbling property market, smaller developer Kaisa Group Holdings was also unlikely to meet its $US400 million offshore debt deadline on Tuesday, a source with direct knowledge of the matter said.
Non-payment by Kaisa would push China's largest issuer of offshore debt among developers after Evergrande into technical default, triggering cross defaults on its offshore bonds totalling nearly $US12 billion.